LOS ANGELES , California -LRB- CNN -RRB- -- Michael Jackson 's ex-wife and the mother of his two oldest children , Debbie Rowe , has agreed not to challenge the singer 's mother for custody of the children , according to a joint statement from lawyers for Rowe and Katherine Jackson .

Debbie Rowe will not pursue custody of the children she bore with Michael Jackson , a lawyer says .

The agreement does not involve any financial payments to Rowe `` apart from the continuation of spousal support payments '' that Michael Jackson personally agreed to make to Rowe after their divorce , the lawyers said .

Rowe will get visitation rights with the children and the `` timing , frequency and manner of visits shall be implemented according to the best interests of the children , as determined by a child psychologist selected jointly , and paid jointly , '' by Jackson and Rowe , the announcement said .

Rowe never publicly said if she would fight Jackson 's 79-year-old mother for custody of her son and daughter -- ages 11 and 12 -- and a court hearing concerning custody was delayed several times this month while lawyers for the two talked . Jackson 's youngest child , 7 , was carried by a surrogate mother , whose name has not yet been released .

Katherine Jackson gained temporary guardianship of the three children soon after his death last month . Learn about other notable custody cases ''

The agreement must be approved by the judge . A custody hearing is set for Monday before Los Angeles County Superior Court Judge Mitchell Beckloff .

Beckloff will also hear arguments Monday about Jackson 's estate and who will control it . Katherine Jackson is asking the court for more involvement in the estate 's business . Watch what may have happened in Jackson 's final hours ''

Jackson family lawyer Londell McMillan said the family was pleased the custody matter was `` resolved and was handled in a caring , thoughtful and courteous manner by the parties and their representatives . ''

`` We were all united in our goals to do what is best for Michael 's wonderful children , and both Mrs. Jackson and Debbie Rowe were on the exact same page , '' McMillan said . `` Accordingly , although important issues had to be resolved , this was no legal contest but rather simply a process -LRB- of -RRB- doing the right thing for the right reasons . ''

Rowe 's lawyer , Eric George , said the women and their lawyers `` engaged in a dignified discussion that resulted in a dignified outcome . ''

`` The sole consideration between the parties was the best interests of the children , '' George said . `` I 'm proud to have worked with such professionals who represented Ms. Jackson , and I am particularly proud of Deborah for her integrity and selflessness . ''

Efforts to resolve who will control Jackson 's estate have not been so amicable .

Earlier this month , Beckloff granted temporary control to the executors named in his 2002 will : John Branca , Jackson 's longtime personal attorney , and John McClain , a music industry executive and longtime friend .

McMillan , in a statement issued Wednesday , said Katherine Jackson was not disputing the will . But , he said , she wanted the judge to order the executors to disclose information about what he said was `` a suspicious circle of relationships '' involving them .

He said the executors `` have either denied Mrs. Jackson access to critical information or insisted on ... onerous and unreasonable restrictions '' to information about deals they are making on behalf of the estate .

McMillan , in an interview with CBS Thursday , estimated the Jackson estate was worth $ 2 billion , while the executors have estimated in court that its value is around $ 500 million .

The will placed all assets into a family trust benefiting his mother , his three children and unnamed charities .

Jackson 's children have been living with their paternal grandmother at her Encino , California , home since their father 's death on June 25 .

`` They read the news on the Web and the reports , '' McMillan said . `` I really tried to push the media to be responsible in how they try to handle this matter because there are three precious children involved . ''

The oldest child -- Michael Joseph Jackson Jr. , more commonly known as Prince Michael -- was born in February 1997 . A daughter -- Paris Michael Katherine Jackson -- was born the next year .

Details of how the children were conceived -- and who was the biological father -- have been closely guarded amid much public speculation .

The couple divorced in 1999 with Rowe giving Jackson full custody while she got an $ 8.5 million settlement , according to court documents . Jackson later agreed to additional support .

Rowe gave up parental rights to Jackson in 2001 , but she changed her mind more than two years later and sought temporary custody of the children . A California appeals court later ruled her rights were improperly terminated , opening the door to a possible custody battle .

CNN 's Randi Kaye , Kay Jones and Allison Blakely contributed to this report .

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Debbie Rowe , Katherine Jackson make custody agreement

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Rowe , Michael Jackson 's ex-wife and mother of two kids , will have visitation rights

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Katherine Jackson is the children 's guardian

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Hearing is set for Monday in Los Angeles County Superior Court